AVSC vs LITL

AVSCAAvantis U.S. Small Cap Equity ETF

LITLDSimplify Piper Sandler US Small-Cap PLUS Income ETF

In short

AVSC Avantis's whole-field small cap fund: roughly 1,500 US small companies in one ticker, run by the manager's own rules rather than a published index, at 0.25% a year.

LITL Most equity income funds sell calls on the stocks they own and cap their own upside. LITL sells put spreads on outside indices instead, bolting an income engine onto an actively rotated basket of about 200 US small caps.

Stated mandate

AVSC The fund seeks long-term capital appreciation and invests primarily in a diversified group of U.S. small-cap companies across market sectors and industries, with at least 80% of assets normally invested in U.S. small-cap equity securities.

LITL LITL seeks capital appreciation and income through an actively managed opportunistic strategy paired with a risk-managed income-generating options strategy.

Why people hold it

• AVSC 0.25% a year versus a 0.52% median for active US small-cap funds. Less than half the going rate for a hands-on manager.
• Roughly 1,500 holdings spread across sectors and industries, so one small-cap blowup barely dents the fund.
• One of the strongest all-round implementations in the active US small-cap group on cost, portfolio build and ease of trading.
• Pays quarterly, trades with steady daily volume, and pulled in over a billion dollars since its 2022 launch.

• LITL The overlay sells put spreads on outside equity, bond and commodity indices or ETFs, so premium income is generated without writing calls against the fund's own stock sleeve.simplify.ussimplify.us 2
• Piper Sandler's model picks the 3-4 style factors (value, profitability, earnings growth and similar) it reads as favorable for the current business cycle, then reranks the universe.simplify.us
• Starts from roughly 2,000 small caps, screens out the most illiquid names, and lands on about 200 holdings. Liquidity screening matters more down here than in large caps.simplify.us

Worth knowing

• AVSC Undiluted small-cap equity, kept at least 80% invested in the asset class. It rides the small-cap cycle with deeper swings than a large-cap fund.
• No declared index to check it against. The manager's stock-selection rules are the product, so you are buying a process, not a published benchmark.
• Its sibling AVUV works the value slice of the same universe at the same 0.25%. Own both and you are doubling up on overlapping small-cap names.

• LITL 0.91% a year sits well above the active US small-cap median near 0.5%, and several times what systematic peers like AVUV and AVSC charge at 0.25%.
• A 2025 launch that is still small and thinly traded, so bid-ask spreads can be wide and the live record is short.
• Income comes from option premium rather than dividends, so payouts are irregular, and short put spreads can take losses in a sharp selloff alongside the small-cap sleeve.simplify.ussimplify.us 2

Full AVSC profile⁠

Full LITL profile⁠